MNI BRIEF: Foreign Firms Content In China

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: PBOC Sets Yuan Parity Lower At 7.1270 Fri; -0.95% Y/Y

CHINA PBOC CONDUCTS CNY358.05 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1270 FRI VS 7.1321

Unemployment Falls To 11.3% In Q2, Driven By Services

1 and 3-Year Consumer Inflation Expectations Remain Unchanged

MNI: ECB 1-YEAR CONSUMER INFLATION EXPECTATIONS 2.8%

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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OUTLOOK
  • The focus today is squarely on the US, with little of note due for release in Europe this morning other than Italian and Eurozone unemployment.
  • The main focus will of course be the FOMC meeting (with a decision due at 19:00BST / 20:00CET). A 25bp hike in May could mark the end of the Fed’s hiking cycle. With rates above 5%, and sticky inflation fears offset by the tightening effect of banking sector woes, the FOMC is likely to move to a meeting-by-meeting policy beyond May, while retaining a bias toward further policy firming. But with widespread expectations that the Fed will change its forward rate guidance to hint at an end to the hiking cycle, or even open the door to cuts, there is a hawkish risk that guidance is left unchanged. Markets price 22bp for today's meeting before that hike is almost fully reversed by the September meeting. For the full MNI Fed Preview click here.
  • Elsewhere today on the data front from the US we have ADP employment at 13:15BST, the final S&P Global US PMI before the main data release of the day, ISM services. For the latter, the prices paid and employment subcomponents will be key.
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